The budget includes SR1.3 billion for loan financing, SR1.7 billion for grant financing and technical assistance as well as SR14.25 billion for leasing, installment sales, equity financing, profit sharing and other lines of financing.

The IDB board of directors also approved $415.7 million for new development projects in IDB member countries including Iran and Pakistan, including $2 million to assist the reconstruction of the Sa’ada province and resettlement of the displaced in Yemen.

Approved as part of the IDB Waqf fund, SR5.6 million was set aside for the construction of a maternity and surgeons specialists hospital in the Philippines, the construction of an academic building at the “Institute of Excellence” in India, expansion of the model educational complex in Ethiopia and participation in the completion of the Palfrey Girls School in the United Kingdom.

Earlier this month, the bank confirmed that it would also be concentrating on its mega bank project promoted by Saleh Kamel, head of Dallah Albaraka and chairman of the Jeddah Chamber of Commerce and Industry (JCCI).

The planned, largest Islamic bank in the world will be an Islamic interbank bank that will provide short-term liquidity to the global Islamic banking market and promote the trading of sukuk in the secondary market.

It is expected that the bank will open with a capital of SR7.5 billion, with government, agencies and investors invited to participate in equity subscription.